Toetal Solutions Secures $1,800,000 in New Financing to Pursue Product Development and Regulatory Approval
MALVERN, Pa., October 20, 2022 (Newswire.com) - Toetal Solutions, Inc., a foot and ankle medical device company, announced it had closed $1,800,000 in additional financing from Runway Healthcare, LP, with participation from Runway Healthcare investors. Toetal Solutions plans to use the proceeds to finalize product development and obtain regulatory clearance for its flagship product, the Ziptoe™ Hammertoe System.
The Ziptoe Hammertoe System enables foot and ankle surgeons to address rigid hammertoe deformities with a simple, easy-to-use implant. "The system has been thoughtfully designed with surgeon input to address the common pitfalls of the devices available to surgeons today. The Ziptoe implant is easy to use and provides an incredibly stable fusion from the moment it is deployed. Additionally, it enables surgeons to address the MTPJ if necessary, addressing the Toetal Pathology with a Toetal Solution," stated Nick Romansky, DPM. The Ziptoe system includes a proprietary deployable nitinol implant that comes sterile packed with all necessary disposable instrumentation to perform the procedure in any surgical setting efficiently and effectively.
"This financing should enable our team to finalize the development of the Ziptoe Hammertoe System and achieve FDA approval, fundamentally changing how surgeons address forefoot deformities. We aim to improve patient outcomes while making the surgeons' lives easier," said Co-Founder and Chief Technology Officer William Rhoda.
Toetal Solutions is Runway Healthcare's second portfolio company. The medical device accelerator combines capital and direct management to bring commercially ready opportunities to the medical device industry following regulatory approval. Runway Healthcare will seek to transition Toetal Solutions' ownership to a larger multi-national healthcare company for commercialization.
About Toetal Solutions, Inc.:
Toetal Solutions was founded in 2021 to create easy-to-use and clinically effective solutions for foot and ankle deformities. The Ziptoe™ Hammertoe System features a sterile packed procedure kit and implant to address ridged hammertoe deformity.
About Runway Healthcare, LP:
Runway Healthcare is an early-stage MedTech Accelerator focused on early-stage technology in the Orthopedic, Cardiovascular, and Neurology sectors. Runway finances and manages the product development process of its portfolio companies. Upon navigating a portfolio company through the regulatory process, Runway Healthcare will seek to transition its portfolio companies' ownership to larger multi-national healthcare companies for commercialization.
This press release contains "forward-looking statements" concerning the development of Toetal Solutions products, the potential benefits and attributes of those products, and the company's expectations regarding its prospects. Forward-looking statements are subject to risks, assumptions, and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Toetal Solutions undertakes no obligation to update any forward-looking statements for any reason.
Source: Toetal Solutions, Inc